question
C. Many buyers and sellers
answer
A competitive market has;
A. more buyers than sellers
B. more sellers than buyers
C. many buyers and sellers
D. none of these
A. more buyers than sellers
B. more sellers than buyers
C. many buyers and sellers
D. none of these
question
A. A. average revenue and average cost are equal
answer
A firm in a competitive market reaches the point of normal economic profit where;
A. average revenue and average cost are equal
B. marginal cost exceeds marginal revenue
C. average fixed cost is more than average variable costs
D. sunk costs are more than variable costs
A. average revenue and average cost are equal
B. marginal cost exceeds marginal revenue
C. average fixed cost is more than average variable costs
D. sunk costs are more than variable costs
question
B. increase price and decrease output
answer
If a monopolist is losing money (MC>MR) the monopolist would;
A. decrease price and increase output
B. increase price and decrease output
C. decrease price and leave output the same
D. decrease output and leave price the same
A. decrease price and increase output
B. increase price and decrease output
C. decrease price and leave output the same
D. decrease output and leave price the same
question
C. Many sellers
answer
In a pure monopoly situation there are all but;
A. no close substitutes
B. blocked entry
C. many sellers
D. no price competition
A. no close substitutes
B. blocked entry
C. many sellers
D. no price competition
question
D. All of these
answer
Pure competition in the long run;
A. producers making excess profits will encourage other firms to enter the market
B. producers operating at a loss will exit the market
C. long run equilibrium is P=MC=MR and MC=ATC
D. all of these
A. producers making excess profits will encourage other firms to enter the market
B. producers operating at a loss will exit the market
C. long run equilibrium is P=MC=MR and MC=ATC
D. all of these
question
D. none of these
answer
A monopoly relies on;
A. advertising
B. branding
C. special promotions
D. none of these
A. advertising
B. branding
C. special promotions
D. none of these
question
C. Average fixed cost
answer
The average cost curve that will decline steadily as more units are produced is;
A. average total cost
B. average variable cost
C. average fixed cost
D. all of these
A. average total cost
B. average variable cost
C. average fixed cost
D. all of these
question
C. Elastic
answer
The competitive market demand curve is most probably;
A. inelastic
B. linear
C. elastic
D. bell shaped
A. inelastic
B. linear
C. elastic
D. bell shaped
question
A. P=MR=MC
answer
The competitive market price means that:
A. P=MR=MC
B. P<MR=MC
C. P>MR=MC
D. none of these
A. P=MR=MC
B. P<MR=MC
C. P>MR=MC
D. none of these
question
C. Horizontal
answer
The competitive markets demand curve is most probably;
A. vertical
B. upward sloping and to the right
C. horizontal
D. none of these
A. vertical
B. upward sloping and to the right
C. horizontal
D. none of these
question
C. must sell at market price
answer
The monopoly has all but;
A. price control
B. ownership of the demand curve
C. must sell at market price
D. has no real competitors
A. price control
B. ownership of the demand curve
C. must sell at market price
D. has no real competitors
question
C. P>MR=MC
answer
The price the monopolist charges is:
A. P=MR=MC
B. P<MR=MC
C. P>MR=MC
D. none of these
A. P=MR=MC
B. P<MR=MC
C. P>MR=MC
D. none of these
question
D. All of these
answer
The Robber Barons were successful at vertical integration because there was no;
A. income tax
B. regulation
C. labor department
D. all of these
A. income tax
B. regulation
C. labor department
D. all of these
question
B. Supply curve
answer
The short run marginal cost curve is the products;
A. demand curve
B. supply curve
C. bell curve
D. none of these
A. demand curve
B. supply curve
C. bell curve
D. none of these
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